CandleFocus Nervos Network (CKB) extends rally with peak Upbit trading activity
2024-09-18
Author: Content Editor
Nervos Network's token, CKB, experienced a significant rally after being listed on Upbit. The asset reached a peak price of $0.020 and had a premium on Upbit, reaching $0.04 in the Korean won equivalent. CKB's trading volumes doubled to nearly $600 million in a single day, and its price may continue to rise. Binance suspended CKB withdrawals after a surge in transactions, causing some users to complain about not being able to move their coins. The rally also led to an expansion in open interest and short positions on CKB. Despite being relatively small, Nervos Network has achieved niche status and is not EVM-compatible. It has its own infrastructure, including a DEX called Yokai Swap, and is mined using the Eaglesong algorithm. Nervos Network functions as a DAO and encourages users to lock up tokens for long-term gains. It also has a small ecosystem of DeFi lending and two main DEXs.
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